WARNING signs not to invest in Ghana

Introduction: Thomas Akwasi Owusu-Afriye, nephew of Otumfu Osei Tutu II, potentially his successor in his house in Sakumono, 2014: "I came here to start my business painting. Now look at me. One year later I lost all my funds. The system Ghana made me broke. I had to pay bribes here and there that I ran out of money. Imagine when they can do this to me and how much they do this to you!"

1.) Foreign companies or individuals want to invest in Ghana for a reason, not in Europe or other stable countries. Many get approached or in contact with nice Ghanaians offering to be helpful in the process: in Ghana, anyone can set up a company and doesn't need a Ghanaian partner. (A Turkish man with German citizenship built a DEKRA MOT facility outside Nswam Prison for $ 1, 8 Mio. Unaware a Ghanaian lured him into a "needed" partnership and with his family tried to push the foreigner out. A court case for 8 years and 13 judges!)

2.) When registering a company with the Company Registration Office in Accra don't pay bribes but know if you refuse your case will not end (in countries like Germany this is a straightforward process with no bribes involved).

3.) You are entitled to buy land for your house and business. Enquire before the buying process at the Lands Commission who the owner is. Landowners like to sell lands they have not registered under their name. Ensure that the demarcation is accurate. The landowners often refuse to give the land title right after completion of the transaction. Use the under account of a trustworthy lawyer. Ensure you are registered as the new owner. You can easily lose your money not unlike in Germany where the process strictly follows the law. Even years later you might be confronted with the claim that another person says the land belongs to him. Be careful! (I helped a German-Turkish investor to get his title of the land from the local chief four years after the land was fully paid.)

4.) In 2015 my sister from another mother late Ms. Mawuena Trebarh, former GIPC CEO told me: "Karl, any transaction more than $ 50.000 is a problem here in Ghana. Banks can easily steal from you or keep the money under the Money Laundering Act. Unlike in Germany and Europe to check on your funds we have no time limit as to how long the bank can check on your money. In Germany, banks must release it after three days."

5.) Philip Aquah, former Director of Ghana Environmental Agency and brother of Paul Aquah, former BoG Governor, and Kwame Pianim, ex-chief of Staff: " Keep your money off-shore for it not to get stolen. Only have small money in the bank. At the monitors of the BoG party members watch incoming funds. They collaborate with banks and easily find a way to steal your money."

6.) Foreigners who need a residence permit or visa extension must leave their passports with Ghana Immigration Office. They can keep it for up to three months before the extension is granted or refused. Depending on the bribe the process can last for a few days only. Which businessman can be without his passport for days or weeks. In Germany, this takes no more than 15 minutes at the most when all papers are complete and correct. The passport will not be taken away in any case.

7.) Ghana Cocobod, Technical Director, 2014: "We will give you all trees free of charge for Boana for your cocoa plantation. No problem. And when I find a closed envelope on my desk...sure I will not mind." To start a business like that is wasting time and losing money. Investors with good intentions must be treated with respect not seen as a golden donkey to puh puh always money.